Rent, utilities, equipment, furnishings, inventory, permits, insurance, marketing, and employees are just a few of the costs that small businesses face. It’s critical to keep meticulous records of all your expenditures in order to stay on track with your budget, but not every company has access to the best expense tracking software.
Fortunately, thanks to an avalanche of high-quality money-tracking applications, it’s now easier than ever to keep track of your spending. To provide you our top selections for 2021, we combed through hundreds of popular Expense tracking software.
- Talygen: Finally, there is a digital tool that makes tracking spending simple for corporations, employees, contractors, and everyone. Keeping track of expenses is critical to running a successful business. Employees/users can log expenses incurred on specific projects/trips using Talygen’s business expense tracker module. Users can easily track their spending in order to be reimbursed.
- Expensify: Expensify is a terrific app for making expenditure reports on the go, and it’s available for Android and iOS devices. Expensify allows you to take images of receipts and manually log expenses, making it a must-have for regular business travels. When you snap a snapshot of a receipt in Expensify, the software instantly reads it and converts it to an expense. You can also organize your spending by category, such as mileage, travel, and food.
- Digits: Digits claims that its software, which is based on machine learning, gets smarter with each transaction. It analyzes transactions in real time to identify recurring expenses, forecast future costs, and find irregularities in a company’s spending. The software supports over 9,000 financial institutions and will automatically reconcile transactions against your bank account.
- Xero: Xero is a complete money management solution for small businesses that want to do more than track spending. Invoicing, bill payment, and reporting are all possible with it. It can sync to numerous bank accounts and record expense data from receipts and emails as a spending tracker.
- SupportPay: SupportPay is a unique expense tracker designed for parents who split the cost of raising a kid but do not live together. SupportPay allows both parents to manage child support discussions, invoices, payments, receipts, documents, and verified reports. For both parents, all of your child support and child expenses are in one spot.
- QuickBooks: QuickBooks is one of the most popular expense tracking software options for small businesses, and the company’s spending tracking app is also very good. This program helps you to keep track of both company and personal costs. You may track mileage automatically, make and send invoices from anywhere, estimate taxes quarterly, and more.
- Shoeboxed: While other cost tracker apps focus on extracting data from bank accounts, Shoeboxed lets you store receipts and other paper documents with ease. Users can either scan receipts individually or request a Magic Envelope to have them scanned by Shoeboxed. The software generates spending reports and connects with other programs like QuickBooks and Evernote.
- Evernote: Evernote was not designed to be used as an expense tracker, although it may be. The program can collect information from receipts and emails, then classify and categorize it as notes. However, if you want to use Evernote on your phone, you’ll need to upgrade to a premium or corporate account. Users can only utilize the desktop version of the program with the free plan.
Bottom Line
You must first analyze your organization in depth before deciding on an Expense tracking software. Look beyond the averages, because a product that works well for a mobile sales force may not be suitable for remote a staff who visits the office every quarter.
Make a diagram of the organizational structure, including the reporting and supervisory structures. This may appear to be overkill, but if you require a multi-tiered approval feature, it will be necessary. Create informal policies and rules depending on area, company averages, and what you feel appropriate using this knowledge.